This course covers Article 9 of the UCC dealing with loans involving collateral and the issues presented when such transactions are not properly executed or not paid according to agreement or when there are competing parties claiming priority in the collateral--such as a buyer of the goods, another secured creditor, a general creditor, a judgment creditor, a tax claim or a trustee in bankruptcy. Understanding the basic concepts of this area of law is vital for anyone expecting to engage in a practice that involves business or consumer transactions. The problem approach, with significant class participation, is utilized.

By the end of the semester, students should be able to:

*Describe and apply to commercial and consumer transactions the foundation principles of Article Nine of the Uniform Commercial Code (“UCC”), the federal Tax Lien Act and selected provisions of the U.S. Bankruptcy Code, and recognize where those principles are superseded by exceptions based on the practicalities of certain types of commercial and consumer transactions;

*Understand and utilize the principles and rules that overlap and work in harmony with other articles of the UCC beyond Article Nine;

*Recognize the types of transactions that call into play the covered statutes and rules;

*Understand and employ general principles of statutory construction to specific provisions, rules and defined terms (as well as terms of art) contained in Article Nine and other covered provisions of the UCC;

*Critically examine and analyze judicial decisions regarding the covered statutes and rules, and either apply those decisions to specific transactions or understand why in proper circumstances those decisions arguably may be distinguished or shown to be erroneous.